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Simplifying the Accounting for Revenue Recognition by FASB 2

I. Background 2
II. Scope of standard 7
III. Next steps and implications for practice 8
IV. Conclusion 10

References: 12

Simplifying the Accounting for Revenue Recognition by FASB
I. Background
The elaboration of a new standard simplifying revenue recognition was one of the highest priorities of the joint IASB-FASB convergence project. The purpose of the project was defined as eliminating a range of differences between International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (U.S. GAAP). The project was initiated in 2002 on the basis of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Continue reading...

Income Statement

Revenue Recognition
Revenue recognition remains one of the most important principles of accrual accounting. The principle holds that reporting of revenue must be during the period in which the revenue generation takes place. Such aids in the determination of the accounting period for which the recording of revenue and expenses must occur. According to the general rules of the revenue recognition principle, financial records ought to indicate the revenues once delivery for the exchange of goods and services is complete. In some cases, the payment of goods or services may occur in the same period of their delivery. In Continue reading...

The main driving force behind the growth of the MRO industry is air transport. The airline industry witnessed a decline of approximately 1% in the year 2010, which is due to high fuel prices and increase in long haul WB traffic. This causes a negative multiplied negative effect on the MRO industry and it witnessed a decline of approximately 7.5%.
The oil prices cannot be considered as the wild card by the airline industry. Oil prices are volatile and cascade a great impact on the cost incurred by the airlines. In 2011, the oil prices were recorded to be Continue reading...

Introduction

The cost of university and college education has increased significantly. For the past several years in the United States, the increase in tuition has exceeded more than the inflation rate by two to three percent annually. As observed, college tuition fees have increased at an average of 7% annually, which is more than double the average annual inflation rate of 3.22%. When compared with other commodities and services, tuition fee has increased more than 500 percent in the past 28 years as compared to 286 percent increase in medical costs and a 121 percent increase of the consumer price Continue reading...

Analysis of pricing

Price Meals sold
P1=$6 7,000
P2=$5 8,000

Price elasticity of demand

Price elasticity of demand (PED) = Proportionate change in the number of meals soldProportionate change in price
Percentage change in quantity demanded = 8,000-7,0007,000 × 100% = 14.286%
Percentage change in price = 5-66 × 100% = -16.67%
PED = 14.286-16.67
= -0.8570

Is elasticity elastic, inelastic or neither?

What does it mean and why does it matter?
This implies that the quantity of meals sold is not responsive to changes in price. The above figure indicates that a 1% fall in the price per meal will only cause a 0.857% increase in the number of meals. Therefore, a decrease Continue reading...

Executive Summary

The report discusses the financial standing of Marriot International, one of the largest hotel chains in the world, for the year 2013. To achieve a comprehensive analysis, we converted the raw financial numbers into meaningful items using the tool of ratio analysis, which were then compared with the industrial averages. Our analysis indicated that the company is earning sustainable profit margins of 4.21%, while the industry is running into losses. Another financial metric that went in favor of the company was its efficiency in using the asset base and generating profit from it. Important to note, both the ROA Continue reading...

This Paper was prepared for_________ taught by___________

Background
The elaboration of a new standard simplifying revenue recognition was one of the highest priorities of the joint IASB-FASB convergence project. The purpose of the project was defined as eliminating range of differences between International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP).
The project was initiated in 2002 on the basis of the IASB and the FASB Norwalk Agreement and has evolved over time (FASB, 2014). It is an important initiative for the US where for a decade SEC has been closely reviewing the possibility of IFRS adoption to enhance the attractiveness of Continue reading...

Google is an online search engine based in California but with branches worldwide. The company was founded and developed by Sergey Brin and Larry Page, two computer graduates from Stanford University in 1996. The company was initially named Backrub but later changed to Google, a name that was adopted from the word googol meaning a numerical number one which is followed by a hundred zeros. This name was influenced by the founders’ core mission of making infinite information available to the internet users. The success story of Google has evolved from a small search engine company operating in a Continue reading...

“Week in Review Memo” Assignment

March 12
Spring 2015
Banking Solutions Corporation
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http://www.wsj.com/articles/sec-gets-busy-with-accounting-investigations-1421797895
http://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176164076069&acceptedDisclaimer=true
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The publication of Eaglesham and Rappoport in the Wall Street Journal on January 20, 2015 outlines the recent SEC activities on accounting fraud investigations. Though previously SEC attention was focused predominantly on flawed mortgage securities, the current accounting-fraud enforcement actions demonstrate both increase in number (46% growth vs.2014) and expanded variety of areas which attract investigators attention as potential sources of fraud. Among the aspects which can lead to material misstatements in financial reporting due to fraud, SEC is keen not on any particular type of misconduct but Continue reading...

Assignment 2: Operations decisions

The price elasticity of demand calculated in assignment 1 indicates that the industry for flow-calorie frozen food is a competitive market. The price elasticity was more than 1 showing that a change in price of the food causes a significant change in quantity demanded. The value implies that firms in the market do not have much power to the prices for their commodities. The competitors of the firm include Nestle SA, Kellogg Company, Birds Eye Foods, among other companies. The high price elasticity enables businesses in the market to use pricing strategies in order to attract and maintain customers. Continue reading...